India is on track to attract $100 billion of foreign direct investment (FDI) in the current fiscal due to economic reforms and ease of doing business, the government said on Saturday.
In 2021-22, the country received “highest ever” foreign inflows of $83.6 billion.
“This FDI comes from 101 countries and has invested in 31 Union Territories and States and 57 sectors of the country. Based on economic reforms and ease of doing business in recent years, India is on track to attract 100,000 million dollars of FDI in the current fiscal year (fiscal year), the trade and industry ministry said in a statement.
He said that to attract foreign investment, the government has put in place a liberal and transparent policy in which most sectors are open to FDI through the automatic route.
The reform measures include liberalization of guidelines and regulations, in order to reduce unnecessary compliance burden, reduce costs and improve the ease of doing business in India, he added.
FDI capital inflows to India fell 6% to $16.6 billion in the April-June period of the current fiscal.
He also said that to address the importation of dangerous and low-quality toys and to improve domestic toy manufacturing, the government has taken several strategic interventions.
The import of toys in 2021-22 has been reduced by 70% to $110 million (Rs 877.8 million). On the other hand, exports increased by 61 percent to 326 million dollars.